Bucket of Coins

Well I made it down to the release on May 14th. It was a complete contrast to what they Hodgenville Lincoln Birthplace release was. Rather than having most of the 500 hundred or so people attend the actual ceremony prior to the cent exchange the majority of the 4000+ at the Lincoln City unveiling got in line for the coin exchange.

Hodgenville, KY 2009 Lincoln Birthplace Log Cabin penny release ceremony photo:

Estimated about 500 people were there...

Compared to the Lincoln Formative Years Rail Splitter penny ceremony:

Really light attendance since everyone was in line!

I got there a little later than most and ended up having to park about a mile away near the campgrounds. I was lucky enough to jump on a shuttle to the “end of the line”. I took photos of the line, keep in mind not one person was photographed more than once in these photos and they run from the tent of the distribution to where I was standing.

Tent of the Cent Distribution

Line looking back from the concession area by Ampitheater

Line going down to the parking lot from the top of the hill

Looking back up the hill at the Cent Tent from Parking lot

Bottom of Hill on sidewalk around parking lot

Parking lot line going around the bend

Coming out of the parking lot area towards the entrance road

Looking back to the end of the line...keep in mind the ceremony was still going on!

It was rumored about $10,000 worth of cents were brought to the event. Though when I asked the Brinks guys they said “We aren’t allowed to say”. Like who cares, I am sure Coin World will have the actual amount?!? I got a few photos before the Penny Exchange started in the tent and in the Brinks truck along with one with the last 36 boxes prior to being moved to the tent.

Getting ready for the 2009 Lincoln Formative Years exchange

What was left after placing the first batch on the tables seen above

The last 36 boxes prior to being moved to the Tent

Myself and the crew with me managed to get through the line twice. We were sixth in line when they ran out! Ugh, I was next in line when they ran out in Hodgenville. Oh well just my luck. But we did have a nice haul. We combined our 2009 Lincoln Formative Years Rail Splitter cents and had just under two boxes.

First box, almost full

The full box of 2009 Lincoln formative year cents

I was stuck in traffic for some time and decided to go get some food while the line at the Post Office died down so I could get these penny rolls stamped and canceled as proof that they came from the event and not from Washington DC or when they hit the banks. When I arrived back at the Lincoln Boyhood home National Park the line was still long. I waited 3 hours to get them stamped and canceled. After that I made my 1.5 hour drive home and man was I exhausted!

Yes that line represents 3 hours of my life...I was 5th from the last.

View of the Post Office Cancellation area from inside the Museum

After getting home, I started looking at the rolls a little more closely. Truthfully I have to say some of these are the most beat up looking coins I have ever seen to be BRAND NEW!. There are some that are pathetic. No wonder MS66 is about the highest grade anyone has gotten. In this batch of P’s, someone would be very lucky to get an MS66 in my opinion. It’s almost embarrassing that the US Mint let the quality control of these 3 month type coins be so shoddy. All in all it was a great experience, I guess I need to gear up for Springfield, IL since it is going to probably be more crazy.

After checking on some websites, it appears that the US Mint’s idea of making the LP2 two roll 2009 Lincoln formative years Rail Splitter sets available through their site at the same time, it has kept the secondary market prices down a lot further than the 2009 Lincoln Birthplace pennies. But even so, it may be a few years before we see any of these cents out in banks. Only time will tell.

I read where they are going to limit the rolls to a maximum of 6 rolls per time through the line. Additionally, there will be NO box sales at this event!  Does this make sense to anyone? If the demand is there go on and let people buy as much as they want and get them out of the storage areas!  All this creates is high prices for 50 cent rolls, the Mint should back two tractor trailers up the event and sell boxes to whomever wants them. I think it’s ridiculous for the Mint to not meet the demand of the public after making such a big deal about the release of these new 2009 pennies this year. Rather than hoard them in their own vaults, make them available to the public! This distribution system will continue to make the prices high and more difficult for collectors to obtain them. I guess $8.95 for a two roll Mint set of P and D won’t be so bad after all, since the Mint is obviously not about distributing the new pennies at face value!

Anyone else see the flaw in this?

I have been able to track down and confirm that the release of the “Formative years in Indiana” 2009 Lincoln cent is going to occur on May 14th at the Lincoln Boyhood National Memorial in Lincoln City, Indiana. This penny is the one with young Abe with an axe reading a book portrayed on it. It had been speculated that the event may occur in Indianapolis at the Capital, this squelches those rumors as the Indianapolis news was the first source to confirm this locale.

As far as coin collectors go, with all the frenzy of the first release let’s hope the US Mint plans ahead and brings enough for everyone there to get a box or two if they want. Let’s hope after the US Mint has now realized that they can get $13.90 for a P and D roll, that they don’t offer those exclusively and do away with the “penny exchange”. I am sure that however many they bring they will sell them out and hopefully the people working the penny sales don’t get too greedy and buy them all up themselves or cut a deal with some dealers to get the vast majority of what has been brought for the release. People’s greed sometimes amazes me, so I am not going to sugar coat that speculation. At the prices the first release brought I would be willing to take a second mortgage and buy all they have! Ha!

For those of you wanting to travel there for the event, let me warn you…Lincoln City, IN is pretty much in the middle of nowhere. I would expect dealers to be on hand to get their mitts on this second 2009 Lincoln release. But it should be interesting to see what kind of turn out will be there. I plan on being there since it’s about 1.5 hours from where I live, but I can see the vultures starting to circle now.